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From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
Millions of people, billions of transactions: Britain embraces a banking revolution
Mobile phone banking transactions made by British customers have nearly doubled in a single year, new industry figures compiled by the BBA show today.
Customers are now making more than 5.7million transactions a day using smart phones and other internet-enabled technology.
The findings feature in the BBA’s opening Way We Bank Now study, a series of publications highlighting how Britain is embracing a range of easy-to-use technology that connects banks to their customers more closely than ever before.
The initial report shows that customers of the five biggest retail banks have:
Anthony Browne, Chief Executive of the BBA, said:
“A revolution is underway in how people spend, move and manage their money. This is not just about the phenomenal growth of mobile banking, which has already allowed millions of British customers to make billions of transactions from the palm of their hand.
“Consumers are also rushing to use contactless cards, text alerts and a range of other easy-to-use technology. This is innovation that connects us more strongly to our banks than ever before and gives us greater freedom to handle our money wherever and whenever we please.
“Make no mistake, the branch will remain integral to banking services in the 21st century – especially for those big moments in life such as arranging a mortgage. But the day-to-day use of branches is falling and part of that is because there is a groundswell of people who now find that banking on the move is fast, easy and convenient.”
For more information please contact the BBA press office on 020 7216 8989 or visit www.bba.org.uk/waywebanknow
Notes to editors:
Press contacts for members that have contributed to the Way We Bank Now report are as follows:
Barclays: Carey Withey, 020 7114 3527, email@example.com
HSBC: Emma Fahy, 020 7992 1574, firstname.lastname@example.org
Lloyds Banking Group: Laura Ellman, 020 7356 2200, email@example.com
RBS Group: Sarah Binnie, 0131 626 6964, firstname.lastname@example.org
Santander: Andy Smith, 020 7756 4212, email@example.com
The initial Way We Bank Now study includes a range of statistics from BBA members about the take-up of consumer-friendly banking technology.
Branch of the future